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China Expands Tax Incentives to Promote Circular Economy
China will reduce or eliminate value-added tax (VAT) burdens on enterprises that recycle wasted resources during production, in a bid to further promote the country’s circular economy that makes industrial manufacturing more environmentally friendly.
M&A Registration to Become Easier in China
China is attaching more importance to supporting company restructuring as well as mergers and acquisitions (M&As), hoping these business activities will help optimize the country’s resource distribution and push forward economic transition.
China Acts on Illegal Renting Out of Agricultural Land for Commercial Use
China’s Ministry of Land and Resources issued the “Urgent Circular on Strictly Prohibiting Industrial and Commercial Enterprises from Altering Land Use Purpose without Permission for Constructing Non-agricultural Facilities on Leased Agricultural Land” on November 29, 2011.
China’s SAT Details VAT Reform Issues in Shanghai
To resolve the issue of duplicate taxation on goods and services and support the development of the modern service industry, the Chinese government has commenced the value-added tax (VAT) reform aimed at gradually replacing business tax (BT) with VAT in China.
Vietnam to Cut Income Tax By 30% for Small Business
On November 4, 2011 the government enacted Decree 101/2011/ND-CP presenting tax incentives to help enterprises and individuals survive in the current high level of inflation in Vietnam.
China to Exempt Small Businesses From 22 Fees
In a move to substantially reduce the financial burdens on the country’s micro and small-sized enterprises (MSEs), China recently announced that MSEs would be exempt from 22 types of administrative fees charged by 13 different government departments. The introduction of this new favorable fiscal measure is yet another step China is willing to take to assist its MSEs following other recent promises of favorable loan offers and tax treatment.
China’s SAT Clarifies Tax Treatment towards Mining Services
When a taxpayer exploits mineral resources for other entities or individuals, the various services it provides can be subject to different types of taxes, according to a recent announcement by the State Administration of Taxation (SAT).
China to Get Tough on Employers Shirking Social Insurance Payments
China is mulling stronger enforcement of its latest Social Insurance Law by specifying harsher penalties for enterprises that delay or do not fulfill their payment obligations towards all five of the required social insurance items.
China Stresses Measures to Boost New-energy Car Market
In a move to increase the number of green vehicles on the country’s roads, China is urging new-energy car promotions in 25 major cities. The new regulatory call will likely provide a boost to the green automobile market after the country saw an overall deceleration in car sales partly due to last month’s issuing of a tightened subsidy policy for fuel-efficient car models.
Corporate Income Tax Delayed One Year For Labor-Intensive Enterprises
Good news for labor-intensive firms in Vietnam. Decision 54/2011/QD-TT inked by the Prime Minister last week agrees to extend corporate income tax payments in 2011 for labor-intensive companies as well as “co-operatives lawfully established and operating which have revenue from the production or processing of agricultural, wood, seafood, garment, footwear, or electronic products, or from development, construction, and installation of infrastructure works.”
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